Why data becoming new fuel/oil and primary driver for all types of business strategy
From the practical reality, we can understand how companies are using data analysis to boost their revenue growth. Now a day’s most of us are subscriber for Dish TV from well known DTH Service providers and we adopt our desired packages specific to our types of interest. However in the chosen package, all the channels of specific choice will not be provided. Instead , observing the pattern of the viewers frequency of watching channels, service providers gather the data and perform data analysis to know which types of channels we watch more and based on that, for few days they provide free access to similar types channels those not included in the package. As a result of this , the subscribers may start liking some these extra channels and there is high possibility of purchasing those channel separately by paying extra amount.
Analyzing the data from customer behavior, companies update/modify the strategies which are directly proportionate to increase in incoming revenue flow and better customer engagement. Similarly various organizations belonging to different domain like insurance, automobile, electronic gadgets etc have also started data analysis to understand customer requirements, sentiments to enhance their products or services.
